Foreigners Sold The Most US Stocks On Record In March, China Dumps TSY Holdings To Lowest Since 2010
Bonds were bid and stocks offered globally in March according to the latest TIC data...
Foreigners bought $48.8BN in TSYs, down from $75.3BN in Feb
Foreigners bought $32.4BN in Agencies, up from $21.3BN in Feb
Stocks & Bond Yields Crater As The 'American Consumer Is Strong' Narrative Implodes
Yep, we went there and unleashed the 'deer in headlights' image...
While most blinkered investors ignored last week's record surge in revolving consumer credit (i.e. credit card spending), this week's Walmart and Target earnings brought it home to the rest of the country that the "American…
A Google Recession
As we reported yesterday, the new market regime where yields are now falling alongside stocks, suggests that consensus shifting away from stagflation and toward a pure recession (one where the Fed will have to cut rates/launch QE much sooner than expected), aligning with what was then the first out-of-consensus "2023 recession call" instigated by Deutsche Bank 5…
Crypto Carnage Continues As Stablecoin Crisis Spreads To Tether
The market capitalization of the world's cryptocurrencies crashed over $200 billion overnight, back below $1.5 trillion - its lowest since July 2021 and almost 50% down from its $3 trillion highs in Nov 2021...
Source: CoinMarketCap
Most of the loss is coming from the majors like bitcoin...
..and ethereum…
"No doubt it is more comfortable to deliberately wear blinkers that prevent one from seeing the evil done in the discharge of their responsibility— to be unwilling to see that one is defending murder and robbery. All my life I have been fighting against the spirit of narrowness and violence, arrogance, intolerance in its absolute, merciless consistency. I have also worked to overcome this
Mood On Wall Street Has Never Been More Apocalyptic; Tech Short Is Biggest Since 2006
One month after the April Fund Manager Survey was downright "apocalyptic" with the majority seeing a bear market and stagflation - yet nobody rushing to sell - and with optimism plunging to levels right before Lehman, today Bank of America published the latest, May FMS (available to pro subscribers…
Diesel Price Drop, Rising Inventories Suggest East Coast Relief Possible
By John Kingston of FreightWaves
Diesel consumers on the East Coast received some news Wednesday that may suggest an easing of the tight physical market squeeze in the region.
There have been head fakes suggesting a softening of markets in the weeks since the East Coast diesel market ran away from the rest…
"Big Lebowski Syndrome" - Why Haven't Californians Demanded Change?
Authored by Michael Shellenberger via Substack,
Over the last few weeks, a number of journalists and commentators have pushed back against my criticisms of Governor Gavin Newsom. Crime and homelessness have been increasing everywhere, they say, not just in California. Covid interrupted Newsom’s ambitious plans to…